As of March 12, 2010, the SEC requires certain registered investment advisors (RIAs) who have "custody" of client assets (directly or through a related person) to engage an independent public accountant to conduct an annual surprise examination of client assets. If the RIA, or its related person, acts as a "qualified custodian", the independent public accountant must be registered with, and subject to regular inspection by the Public Company Accounting Oversight Board (PCAOB). Furthermore, if the RIA acts as a qualified custodian for advisory clients or if they have related persons that act as qualified custodians for the RIA’s advisory clients, the SEC requires an internal control report (e.g. SAS 70 Type II or SSAE 16 report) prepared by a PCAOB registered independent public accountant.
MFA Compliance Examination Services
What is the value of a CPA who both understands your industry and is aware of current trends and issues affecting it? For MFA’s investment management clients, it has proven invaluable. Our combination of sophisticated financial, technical and industry expertise has made us the firm of choice for registered investment advisors seeking an efficient, cost-effective solution to meeting their SEC examination requirements.
MFA’s solid audit and assurance track record, combined with our extensive Sarbanes-Oxley and internal controls consulting expertise, demonstrates the strength and range of our compliance examination services. The exceptional knowledge base and vast experience amassed over the years has resulted in our ability to consistently offer a responsive, value-driven, hands-on approach. In working with MFA, clients are secure in the knowledge that they are working with truly seasoned professionals with a track record for results.